Industrials

HD KSOE plans a second EB similar to earlier this year: a zero-coupon, 2% HD Hyundai Heavy stake with 13–15% premium, aiming to raise around ₩850 billion.
With Korea’s Commercial Act revision expected by July 4, EB deals risk director liability; HD KSOE aims to raise cash now before stricter rules limit easy board-approved EB issuance.
Targeting a short in HD Hyundai Heavy triggered by HD KSOE’s board approval before July 4; consider hedging with a long position in HD KSOE due to ongoing sector catalysts.

Seibu Holdings (TSE: 9024) – Asset-Rich Platform With Significant Upside from Monetization

Seibu’s FY25 results were buoyed by a ¥350 bn real estate securitization, driving operating profit to ¥263 bn and showcasing the deep value embedded in its property portfolio.
Management plans to monetize ~¥1.35 trillion of urban assets over the next 3–5 years, shift to a capital-light hotel model, and revitalize transport margins via fare revisions.
Even at the current price of ¥4,868, Seibu trades at a ~45% discount to its fully adjusted SoTP value (~¥8,873/share)—implying substantial re-rating potential if monetization proceeds as planned.

AAON Secures $200M in Liquid Cooling Orders—Is This the Future of AI Data Centers?

AAON Inc.’s first quarter of 2025 results highlight a mix of positive growth and operational challenges, painting a complex picture for potential investors.
The company’s core strategic pillars focus on innovation, sustainable growth, and operational excellence, positioning it for long-term advancement.
This focus is evident in its commitment to developing new products, like heat pumps and data center cooling solutions, which align with its innovative goals.

MasTec Inc. Cashes In on Renewable Energy Wave with Strategic Alliances & Record Backlog!

MasTec, a diversified infrastructure construction company, reported robust financial performance in the first quarter of 2025, exceeding guidance in key metrics such as revenue, EBITDA, and EPS.
The company’s revenue stood at $2.85 billion, with adjusted EBITDA of $164 million, marking significant overperformance.
The strong results came amid macroeconomic volatility, highlighting MasTec’s structural demand strength across its diversified business segments.

How Avis Budget Group Turns Rising Vehicle Prices into Opportunity with Flexible Cost Strategies!

Avis Budget Group presented a mixed set of results for the first quarter of 2025, revealing substantial challenges alongside strategic advancements.
The company reported a decline in total revenue to $2.4 billion, compared with $2.5 billion in the same period of the previous year.
This decline was attributed to calendar shifts and a 2% decrease in pricing, set against softer commercial demand and relatively strong leisure demand.

Chart Industries Eyes a $1 Billion LNG Windfall—Is This the Biggest Energy Play of the Year?

Chart Industries reported its first quarter results for 2025, showcasing both strengths and areas for potential improvement.
The company posted a 17.3% increase in orders compared to the previous year, amounting to $1.32 billion, with significant contribution from the Woodside Louisiana LNG project.
Liquefied Natural Gas (LNG) remains a crucial component, accounting for roughly a quarter of the company’s backlog.

Clarivate Plc: Will The Management Focus On A Subscription-First Model Deliver Solid Growth?

Clarivate’s first quarter of 2025 showed a mix of strategic advancements and financial performance amid an evolving business landscape.
The company is navigating a significant transformation, focusing on optimizing revenue, enhancing sales execution, and accelerating product innovation.
This shift is highlighted by their transition to a more subscription-centric model as part of their Value Creation Plan.

CEA Industries – Undervalued Opportunity in the High-Growth Vape Sector

By Atrium Research

CEA has recently acquired Fat Panda, a leading Canadian vape retailer, supported by a vertically integrated manufacturing and e-commerce presence.
Fat Panda has posted consistent growth over the last five years, growing revenue at a 38% CAGR and Adj. EBITDA at a 71% CAGR.
CEA paid $12.6M for the acquisition, equating to 2.1x Adj. EBITDA.

Hexcel Corporation: How Is The Management Dealing With Tariffs & The Challenges Around Aerospace Production Rate Variability?

Hexcel Corporation’s first-quarter 2025 financial results present a nuanced picture of the company’s performance and strategic direction.
With sales amounting to $457 million and an adjusted diluted EPS of $0.37, Hexcel has encountered both challenges and opportunities.
The company is experiencing the repercussions of ongoing supply chain issues and demand fluctuations, particularly in the commercial aerospace sector.

Casella Waste Systems: An Acquisitive Growth Strategy

Casella Waste Systems Inc. recently held its first-quarter 2025 earnings discussion, reporting commendable progress with revenues, adjusted EBITDA, and adjusted free cash flow all increasing over 20% year-over-year, marking records for the first quarter.
The company’s strategic focus on expanding fleet automation, enhancing internal volume processing, and improving employee retention is yielding favorable outcomes.
Casella Waste continues to effectively integrate acquisitions from the past two years, highlighting robust merger and acquisition activity, including four acquisitions in the current year, collectively contributing approximately $50 million in annualized revenues.

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✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jun 27

Daily Brief Industrials: HD Hyundai Heavy Industries , Seibu Holdings, Aaon Inc, Mastec Inc, Avis Budget Group, Chart Industries, Clarivate , CEA Industries , Hexcel Corp, Casella Waste Systems Inc A and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

EB Event Trade Setup: HD KSOE Lining up a New Deal with HD Hyundai Heavy as the Underlying
Seibu Holdings (TSE: 9024) – Asset-Rich Platform With Significant Upside from Monetization
AAON Secures $200M in Liquid Cooling Orders—Is This the Future of AI Data Centers?
MasTec Inc. Cashes In on Renewable Energy Wave with Strategic Alliances & Record Backlog!
How Avis Budget Group Turns Rising Vehicle Prices into Opportunity with Flexible Cost Strategies!
Chart Industries Eyes a $1 Billion LNG Windfall—Is This the Biggest Energy Play of the Year?
Clarivate Plc: Will The Management Focus On A Subscription-First Model Deliver Solid Growth?
CEA Industries – Undervalued Opportunity in the High-Growth Vape Sector
Hexcel Corporation: How Is The Management Dealing With Tariffs & The Challenges Around Aerospace Production Rate Variability?
Casella Waste Systems: An Acquisitive Growth Strategy

EB Event Trade Setup: HD KSOE Lining up a New Deal with HD Hyundai Heavy as the Underlying

HD KSOE plans a second EB similar to earlier this year: a zero-coupon, 2% HD Hyundai Heavy stake with 13–15% premium, aiming to raise around ₩850 billion.
With Korea’s Commercial Act revision expected by July 4, EB deals risk director liability; HD KSOE aims to raise cash now before stricter rules limit easy board-approved EB issuance.
Targeting a short in HD Hyundai Heavy triggered by HD KSOE’s board approval before July 4; consider hedging with a long position in HD KSOE due to ongoing sector catalysts.

Seibu Holdings (TSE: 9024) – Asset-Rich Platform With Significant Upside from Monetization

Seibu’s FY25 results were buoyed by a ¥350 bn real estate securitization, driving operating profit to ¥263 bn and showcasing the deep value embedded in its property portfolio.
Management plans to monetize ~¥1.35 trillion of urban assets over the next 3–5 years, shift to a capital-light hotel model, and revitalize transport margins via fare revisions.
Even at the current price of ¥4,868, Seibu trades at a ~45% discount to its fully adjusted SoTP value (~¥8,873/share)—implying substantial re-rating potential if monetization proceeds as planned.

AAON Secures $200M in Liquid Cooling Orders—Is This the Future of AI Data Centers?

AAON Inc.’s first quarter of 2025 results highlight a mix of positive growth and operational challenges, painting a complex picture for potential investors.
The company’s core strategic pillars focus on innovation, sustainable growth, and operational excellence, positioning it for long-term advancement.
This focus is evident in its commitment to developing new products, like heat pumps and data center cooling solutions, which align with its innovative goals.

MasTec Inc. Cashes In on Renewable Energy Wave with Strategic Alliances & Record Backlog!

MasTec, a diversified infrastructure construction company, reported robust financial performance in the first quarter of 2025, exceeding guidance in key metrics such as revenue, EBITDA, and EPS.
The company’s revenue stood at $2.85 billion, with adjusted EBITDA of $164 million, marking significant overperformance.
The strong results came amid macroeconomic volatility, highlighting MasTec’s structural demand strength across its diversified business segments.

How Avis Budget Group Turns Rising Vehicle Prices into Opportunity with Flexible Cost Strategies!

Avis Budget Group presented a mixed set of results for the first quarter of 2025, revealing substantial challenges alongside strategic advancements.
The company reported a decline in total revenue to $2.4 billion, compared with $2.5 billion in the same period of the previous year.
This decline was attributed to calendar shifts and a 2% decrease in pricing, set against softer commercial demand and relatively strong leisure demand.

Chart Industries Eyes a $1 Billion LNG Windfall—Is This the Biggest Energy Play of the Year?

Chart Industries reported its first quarter results for 2025, showcasing both strengths and areas for potential improvement.
The company posted a 17.3% increase in orders compared to the previous year, amounting to $1.32 billion, with significant contribution from the Woodside Louisiana LNG project.
Liquefied Natural Gas (LNG) remains a crucial component, accounting for roughly a quarter of the company’s backlog.

Clarivate Plc: Will The Management Focus On A Subscription-First Model Deliver Solid Growth?

Clarivate’s first quarter of 2025 showed a mix of strategic advancements and financial performance amid an evolving business landscape.
The company is navigating a significant transformation, focusing on optimizing revenue, enhancing sales execution, and accelerating product innovation.
This shift is highlighted by their transition to a more subscription-centric model as part of their Value Creation Plan.

CEA Industries – Undervalued Opportunity in the High-Growth Vape Sector

By Atrium Research

CEA has recently acquired Fat Panda, a leading Canadian vape retailer, supported by a vertically integrated manufacturing and e-commerce presence.
Fat Panda has posted consistent growth over the last five years, growing revenue at a 38% CAGR and Adj. EBITDA at a 71% CAGR.
CEA paid $12.6M for the acquisition, equating to 2.1x Adj. EBITDA.

Hexcel Corporation: How Is The Management Dealing With Tariffs & The Challenges Around Aerospace Production Rate Variability?

Hexcel Corporation’s first-quarter 2025 financial results present a nuanced picture of the company’s performance and strategic direction.
With sales amounting to $457 million and an adjusted diluted EPS of $0.37, Hexcel has encountered both challenges and opportunities.
The company is experiencing the repercussions of ongoing supply chain issues and demand fluctuations, particularly in the commercial aerospace sector.

Casella Waste Systems: An Acquisitive Growth Strategy

Casella Waste Systems Inc. recently held its first-quarter 2025 earnings discussion, reporting commendable progress with revenues, adjusted EBITDA, and adjusted free cash flow all increasing over 20% year-over-year, marking records for the first quarter.
The company’s strategic focus on expanding fleet automation, enhancing internal volume processing, and improving employee retention is yielding favorable outcomes.
Casella Waste continues to effectively integrate acquisitions from the past two years, highlighting robust merger and acquisition activity, including four acquisitions in the current year, collectively contributing approximately $50 million in annualized revenues.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jun 26

Daily Brief Industrials: Nitto Boseki, Amaero International Ltd, Daimler Truck Holding , Hapag-Lloyd AG, Sunrun Inc, Zuiko Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Nittobo (3110 JP): Scarcity Premium in AI Substrates with Strong Earnings Visibility
Amaero International Ltd – Visibility on 80% of Q1 and Q2 FY26 sales via contracts
Daimler Truck Holding: Initiation of Coverage- How Global Partnerships & EV Tech Could Redefine Trucking Forever!
Hapag-Lloyd: Initiation of Coverage- Can a $5.9 Billion War Chest Shield It From Global Turmoil?
Sunrun: How Are They Moving Forward With Subscriber Growth & Strategic Market Expansion!
Zuiko Corp (6279 JP): Q1 FY02/26 flash update

Nittobo (3110 JP): Scarcity Premium in AI Substrates with Strong Earnings Visibility

By Research as a Service (RaaS)

Revenue grew steadily over five years, supported by demand for high-performance glass cloth used in advanced semiconductor packaging.
It controls a critical bottleneck in AI substrates and is expanding capacity with ¥80B capex through FY28.
EPS is set to rise 46% by FY28, with fwd PE at 9.3x and EV/EBITDA at 5.1x, suggesting scope for valuation re-rating.

Amaero International Ltd – Visibility on 80% of Q1 and Q2 FY26 sales via contracts

Amaero Ltd (ASX:3DA) is a global specialist in advanced materials manufacturing for the defence, aerospace and other industrial sectors, developing a critical metals alloy powder manufacturing facility in Tennessee, USA.
In an ASX release on June 23, the company announced that it has completed commissioning of the second advanced Electrode Induction Melting Inert Gas Atomiser (EIGA premium) on schedule at its Tennessee manufacturing facility.
Amaero also reaffirmed its guidance that revenue was expected to significantly scale in FY26 and shared that through the contract sales it has secured in long-term agreements, it now has visibility on ~80% of its planned Q1 and Q2 FY26 sales.

Daimler Truck Holding: Initiation of Coverage- How Global Partnerships & EV Tech Could Redefine Trucking Forever!

Daimler Truck’s recent quarterly results exhibit a blend of strong financial performance and strategic restructuring, coupled with challenges in certain geographies and market segments.
For the first quarter of 2025, the company reported solid results with revenues of EUR 11.6 billion driven by selling 99,800 units, leading to an adjusted group EBIT of EUR 1.2 billion and earnings per share of EUR 0.99.
However, free cash flow in the industrial segment was modest at EUR 33 million.

Hapag-Lloyd: Initiation of Coverage- Can a $5.9 Billion War Chest Shield It From Global Turmoil?

Hapag-Lloyd’s first-quarter 2025 results indicate a robust start to the year, supported by solid financial performance despite ongoing operational challenges.
The company recorded a significant year-over-year increase in transport volumes, achieving a 9% growth.
This outpaces the global market growth rate of approximately 4.2%, demonstrating Hapag-Lloyd’s effective market positioning and operational efficiency.

Sunrun: How Are They Moving Forward With Subscriber Growth & Strategic Market Expansion!

Sunrun Inc. recently presented its first-quarter earnings with a mixed set of results, highlighting both opportunities and potential challenges ahead.
The company reported impressive results in cash generation and market share gains over the quarter.
One clear takeaway was Sunrun’s consistent focus on maintaining financial discipline while navigating a dynamic energy market landscape, underscored by its fourth consecutive quarter of positive cash flow with $56 million in cash generated.

Zuiko Corp (6279 JP): Q1 FY02/26 flash update

By Shared Research

Revenue increased by 32.0% YoY to JPY5.2bn, driven by growth in Japan and China markets.
Gross profit margin declined by 5.1pp YoY to 12.9%, with operating loss reduced to JPY75mn.
Net loss attributable to owners narrowed to JPY42mn, with no extraordinary gains recorded in Q1 FY02/26.

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✓ Company Data and News
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Jun 26

Daily Brief Industrials: Nitto Boseki, Amaero International Ltd, Daimler Truck Holding , Hapag-Lloyd AG, Sunrun Inc, Zuiko Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Nittobo (3110 JP): Scarcity Premium in AI Substrates with Strong Earnings Visibility
Amaero International Ltd – Visibility on 80% of Q1 and Q2 FY26 sales via contracts
Daimler Truck Holding: Initiation of Coverage- How Global Partnerships & EV Tech Could Redefine Trucking Forever!
Hapag-Lloyd: Initiation of Coverage- Can a $5.9 Billion War Chest Shield It From Global Turmoil?
Sunrun: How Are They Moving Forward With Subscriber Growth & Strategic Market Expansion!
Zuiko Corp (6279 JP): Q1 FY02/26 flash update

Nittobo (3110 JP): Scarcity Premium in AI Substrates with Strong Earnings Visibility

By Research as a Service (RaaS)

Revenue grew steadily over five years, supported by demand for high-performance glass cloth used in advanced semiconductor packaging.
It controls a critical bottleneck in AI substrates and is expanding capacity with ¥80B capex through FY28.
EPS is set to rise 46% by FY28, with fwd PE at 9.3x and EV/EBITDA at 5.1x, suggesting scope for valuation re-rating.

Amaero International Ltd – Visibility on 80% of Q1 and Q2 FY26 sales via contracts

Amaero Ltd (ASX:3DA) is a global specialist in advanced materials manufacturing for the defence, aerospace and other industrial sectors, developing a critical metals alloy powder manufacturing facility in Tennessee, USA.
In an ASX release on June 23, the company announced that it has completed commissioning of the second advanced Electrode Induction Melting Inert Gas Atomiser (EIGA premium) on schedule at its Tennessee manufacturing facility.
Amaero also reaffirmed its guidance that revenue was expected to significantly scale in FY26 and shared that through the contract sales it has secured in long-term agreements, it now has visibility on ~80% of its planned Q1 and Q2 FY26 sales.

Daimler Truck Holding: Initiation of Coverage- How Global Partnerships & EV Tech Could Redefine Trucking Forever!

Daimler Truck’s recent quarterly results exhibit a blend of strong financial performance and strategic restructuring, coupled with challenges in certain geographies and market segments.
For the first quarter of 2025, the company reported solid results with revenues of EUR 11.6 billion driven by selling 99,800 units, leading to an adjusted group EBIT of EUR 1.2 billion and earnings per share of EUR 0.99.
However, free cash flow in the industrial segment was modest at EUR 33 million.

Hapag-Lloyd: Initiation of Coverage- Can a $5.9 Billion War Chest Shield It From Global Turmoil?

Hapag-Lloyd’s first-quarter 2025 results indicate a robust start to the year, supported by solid financial performance despite ongoing operational challenges.
The company recorded a significant year-over-year increase in transport volumes, achieving a 9% growth.
This outpaces the global market growth rate of approximately 4.2%, demonstrating Hapag-Lloyd’s effective market positioning and operational efficiency.

Sunrun: How Are They Moving Forward With Subscriber Growth & Strategic Market Expansion!

Sunrun Inc. recently presented its first-quarter earnings with a mixed set of results, highlighting both opportunities and potential challenges ahead.
The company reported impressive results in cash generation and market share gains over the quarter.
One clear takeaway was Sunrun’s consistent focus on maintaining financial discipline while navigating a dynamic energy market landscape, underscored by its fourth consecutive quarter of positive cash flow with $56 million in cash generated.

Zuiko Corp (6279 JP): Q1 FY02/26 flash update

By Shared Research

Revenue increased by 32.0% YoY to JPY5.2bn, driven by growth in Japan and China markets.
Gross profit margin declined by 5.1pp YoY to 12.9%, with operating loss reduced to JPY75mn.
Net loss attributable to owners narrowed to JPY42mn, with no extraordinary gains recorded in Q1 FY02/26.

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✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jun 25

Daily Brief Industrials: SK Square , Singapore Post, IHI Corp, Fortive , DH Shipbuilding, Samyang Comtech, Cosco Shipping Energy Transportation Co. Ltd. (H), Tekken Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Fresh Low-PBR Policy Color Hitting the Local Tape Today
SingPost (SPOST SP): More Non-Core Divestments – Slowly But Surely
IHI Corporation (TSE:7013) – Rebound in Aero Drives Multi-Year Upside
Fortive Spins Off Ralliant: Big US and Global Index Implications Ahead
DH Shipbuilding IPO Preview
Samyang Comtech IPO Valuation Analysis
COSCO Shipping Energy (1138 HK): A Viable Play on the Israel-Iran Conflict
Q4 Follow-Up – TEKKEN CORPORATION (1815 JP) – May 28, 2025

Fresh Low-PBR Policy Color Hitting the Local Tape Today

The ruling party’s KOSPI 5,000 task force is now eyeing low PBR names with talk of direct penalties — a sharper shift from the prior admin’s soft-touch value-up approach.
Low PBR penalties may bypass the Assembly, fast-tracked via KRX or enforcement rule tweaks — rollout could follow swiftly post commercial code passage, possibly within 2–3 months.
Market’s zeroing in on low PBR, high ROE large caps — with 0.8x flagged as the penalty line, 56 KRW 1T+ names screen as potential re-rating plays.

SingPost (SPOST SP): More Non-Core Divestments – Slowly But Surely

By David Blennerhassett

After selling its Aussie-based logistics ops earlier this year, Singapore Post (SPOST SP) continues to divest non-core assets and businesses.
The latest is the sale and leaseback of 10 Housing & Development Board shophouses, which could net S$50mn.
SPOST has declared a S$0.09/share special dividend from the Aussie sale. Shareholders will vote on the dividend at the AGM on the 23rd July.

IHI Corporation (TSE:7013) – Rebound in Aero Drives Multi-Year Upside

Sharp turnaround from FY22–FY24, with revenue rising from ¥1.17 tn to ¥1.63 tn and operating profit swinging from losses to ¥143.5 bn, led by civil aero engines and defense.
The order backlog has grown to ¥1.6 tn (↑¥226 bn YoY), underpinned by defense orders and aftermarket demand, with management guiding continued top-line and margin expansion.
EPS is forecast to grow at a ~7% CAGR through FY27; at ~18x FY27E P/E and ~9x EV/EBITDA, valuations appear reasonable for a capital-efficient aero-led compounder.

Fortive Spins Off Ralliant: Big US and Global Index Implications Ahead

By Harry Kalfas

Fortive (FTV US) to spin off its Precision Technologies segment, under the name “Ralliant”.
Key details on dates, transaction rationale, structure and estimated market capitalisation of the spin-off company.
Significant index implications ahead, across US and Global indexes, on an intra-quarter basis.

DH Shipbuilding IPO Preview

DH Shipbuilding is getting ready to complete its IPO in KOSPI in August. DH Shipbuilding would be the second largest IPO in Korea after LG CNS so far this year.
The IPO price range is 42,000 won to 50,000 won per share. At the high end of the IPO price range, it could raise as much as 500 billion won.
The bankers used four companies including HD Hyundai Heavy Industries, Hanwha Ocean, Samsung Heavy Industries, and HD Hyundai Mipo as comps for DH Shipbuilding.

Samyang Comtech IPO Valuation Analysis

Our comparable companies valuation analysis suggests implied market cap of 557 billion won or target price of 13,187 won per share.
This represents a 71% upside from the high end of the IPO price range (7,700 won per share). Given the excellent upside, we have a Positive view of this IPO.
One could argue that valuation discount on Samyang Comtech may be too conservative mainly due to higher sales growth, ROE, and operating margins of Samyang Comtech relative to the comps.

COSCO Shipping Energy (1138 HK): A Viable Play on the Israel-Iran Conflict

By Osbert Tang, CFA

Cosco Shipping Energy Transportation (1138 HK) will benefit from the oil supply worry as Israel and Iran are unlikely to reach a “real” peace agreement in the short term.
The worry, or actual, closure of Hormuz will raise VLCC rates by escalating reserve building, increasing demand for alternative routes, a higher risk premium, and panic chartering.
After yesterday’s retreat, CSET trades on an undemanding 5.8x PER and 8.8% yield for FY25F. With over 12% ROE, its 0.73x P/B is cheap, below the average since 2023.

Q4 Follow-Up – TEKKEN CORPORATION (1815 JP) – May 28, 2025

By Sessa Investment Research

On May 13, TEKKEN CORPORATION (hereinafter, the Company) announced its full-year FY2025/3 consolidated financial results.
Net sales rose 0.8% YoY to JPY 185,114 mn, and operating profit surged 261% YoY to JPY 3,459 mn, almost in line with the Company’s revised estimate as of April 22, confirming its upward earnings momentum.
However, SIR believes the results indicate lingering challenges in profitability and financial dynamics, as actual ROE remained at 4.8%, falling short of the Company’s Medium-Term Management Plan scenario, which emphasizes ROE improvement.

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✓ Company Data and News
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Jun 25

Daily Brief Industrials: SK Square , Singapore Post, IHI Corp, Fortive , DH Shipbuilding, Samyang Comtech, Cosco Shipping Energy Transportation Co. Ltd. (H), Tekken Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Fresh Low-PBR Policy Color Hitting the Local Tape Today
SingPost (SPOST SP): More Non-Core Divestments – Slowly But Surely
IHI Corporation (TSE:7013) – Rebound in Aero Drives Multi-Year Upside
Fortive Spins Off Ralliant: Big US and Global Index Implications Ahead
DH Shipbuilding IPO Preview
Samyang Comtech IPO Valuation Analysis
COSCO Shipping Energy (1138 HK): A Viable Play on the Israel-Iran Conflict
Q4 Follow-Up – TEKKEN CORPORATION (1815 JP) – May 28, 2025

Fresh Low-PBR Policy Color Hitting the Local Tape Today

The ruling party’s KOSPI 5,000 task force is now eyeing low PBR names with talk of direct penalties — a sharper shift from the prior admin’s soft-touch value-up approach.
Low PBR penalties may bypass the Assembly, fast-tracked via KRX or enforcement rule tweaks — rollout could follow swiftly post commercial code passage, possibly within 2–3 months.
Market’s zeroing in on low PBR, high ROE large caps — with 0.8x flagged as the penalty line, 56 KRW 1T+ names screen as potential re-rating plays.

SingPost (SPOST SP): More Non-Core Divestments – Slowly But Surely

By David Blennerhassett

After selling its Aussie-based logistics ops earlier this year, Singapore Post (SPOST SP) continues to divest non-core assets and businesses.
The latest is the sale and leaseback of 10 Housing & Development Board shophouses, which could net S$50mn.
SPOST has declared a S$0.09/share special dividend from the Aussie sale. Shareholders will vote on the dividend at the AGM on the 23rd July.

IHI Corporation (TSE:7013) – Rebound in Aero Drives Multi-Year Upside

Sharp turnaround from FY22–FY24, with revenue rising from ¥1.17 tn to ¥1.63 tn and operating profit swinging from losses to ¥143.5 bn, led by civil aero engines and defense.
The order backlog has grown to ¥1.6 tn (↑¥226 bn YoY), underpinned by defense orders and aftermarket demand, with management guiding continued top-line and margin expansion.
EPS is forecast to grow at a ~7% CAGR through FY27; at ~18x FY27E P/E and ~9x EV/EBITDA, valuations appear reasonable for a capital-efficient aero-led compounder.

Fortive Spins Off Ralliant: Big US and Global Index Implications Ahead

By Harry Kalfas

Fortive (FTV US) to spin off its Precision Technologies segment, under the name “Ralliant”.
Key details on dates, transaction rationale, structure and estimated market capitalisation of the spin-off company.
Significant index implications ahead, across US and Global indexes, on an intra-quarter basis.

DH Shipbuilding IPO Preview

DH Shipbuilding is getting ready to complete its IPO in KOSPI in August. DH Shipbuilding would be the second largest IPO in Korea after LG CNS so far this year.
The IPO price range is 42,000 won to 50,000 won per share. At the high end of the IPO price range, it could raise as much as 500 billion won.
The bankers used four companies including HD Hyundai Heavy Industries, Hanwha Ocean, Samsung Heavy Industries, and HD Hyundai Mipo as comps for DH Shipbuilding.

Samyang Comtech IPO Valuation Analysis

Our comparable companies valuation analysis suggests implied market cap of 557 billion won or target price of 13,187 won per share.
This represents a 71% upside from the high end of the IPO price range (7,700 won per share). Given the excellent upside, we have a Positive view of this IPO.
One could argue that valuation discount on Samyang Comtech may be too conservative mainly due to higher sales growth, ROE, and operating margins of Samyang Comtech relative to the comps.

COSCO Shipping Energy (1138 HK): A Viable Play on the Israel-Iran Conflict

By Osbert Tang, CFA

Cosco Shipping Energy Transportation (1138 HK) will benefit from the oil supply worry as Israel and Iran are unlikely to reach a “real” peace agreement in the short term.
The worry, or actual, closure of Hormuz will raise VLCC rates by escalating reserve building, increasing demand for alternative routes, a higher risk premium, and panic chartering.
After yesterday’s retreat, CSET trades on an undemanding 5.8x PER and 8.8% yield for FY25F. With over 12% ROE, its 0.73x P/B is cheap, below the average since 2023.

Q4 Follow-Up – TEKKEN CORPORATION (1815 JP) – May 28, 2025

By Sessa Investment Research

On May 13, TEKKEN CORPORATION (hereinafter, the Company) announced its full-year FY2025/3 consolidated financial results.
Net sales rose 0.8% YoY to JPY 185,114 mn, and operating profit surged 261% YoY to JPY 3,459 mn, almost in line with the Company’s revised estimate as of April 22, confirming its upward earnings momentum.
However, SIR believes the results indicate lingering challenges in profitability and financial dynamics, as actual ROE remained at 4.8%, falling short of the Company’s Medium-Term Management Plan scenario, which emphasizes ROE improvement.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jun 24

Daily Brief Industrials: Virgin Australia Holdings, Doosan Enerbility, Japan Steel Works, Caterpillar Inc, Equifax Inc, Geek+, Rheinmetall AG, Singapore Airlines, Siemens , GMS Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Virgin Australia IPO Trading – Flying into Oil and Recent Air Crash Headwinds
Doosan Enerbility (034020.KQ) – Nuclear-Led Transition with Strong Visibility, But Valuation Full
Japan Steel Works (5631 JP) – Steady Profit Growth, Nuclear Edge, and Premium Justified
Caterpillar’s Data Center Pivot May Be Its Smartest Move Yet: The Most Underrated AI Infrastructure Stock?
Equifax: Powering Ahead in the Government Sector with $50 Million Contracts and Strategic Data Deals!
Beijing Geekplus Pre-IPO: PHIP Updates – Losses Continue to Narrow but Growth Decelerating
Rheinmetall AG: Initiation of Coverage- Game-Changing Lockheed Partnership Unlocks €5 Billion Opportunity!
Singapore Airlines (SIA): Losing from Higher Crude Oil Price
Siemens AG: Initiation of Coverage- High-Impact Automation Surge Powers Market Dominance!
GMS Just Became the $5 Billion Battleground Between Home Depot and QXO — Here’s Why!

Virgin Australia IPO Trading – Flying into Oil and Recent Air Crash Headwinds

Bain Capital raised around US$440m via selling some of its stake in Virgin Australia Holdings (VAH AU).
Virgin Australia is the second largest airline group operating in the Australian aviation market, with an average 32% domestic RPT capacity market share in CY24.
We have looked at the company’s past performance and provided our thoughts on valuations in our previous note. In this note, we talk about the trading dynamics.

Doosan Enerbility (034020.KQ) – Nuclear-Led Transition with Strong Visibility, But Valuation Full

Margins have improved steadily since FY2020, but bottom-line gains remain volatile due to non-operating drags.
Backlog at Record Highs; Nuclear a Key Differentiator: ₩20.1 tn order book, rising SMR traction, and global nuclear wins position Doosan as a strategic supplier.
Structural Tailwinds Priced In: While medium-term growth looks strong, premium multiples (~28x EV/EBITDA) suggest limited room for execution missteps.

Japan Steel Works (5631 JP) – Steady Profit Growth, Nuclear Edge, and Premium Justified

Strong earnings momentum with revenue, margins, and EPS consistently improving over FY21–FY25, driven by a shift toward high-margin industrial machinery.
Strategic monopoly in ultra-large nuclear forgings, supported by global SMR tailwinds, capacity expansion plans, and a record order backlog across nuclear and defense.
Valuations remain elevated, but are backed by strong visibility, margin expansion, and structurally advantaged positioning in a tightening global supply chain.

Caterpillar’s Data Center Pivot May Be Its Smartest Move Yet: The Most Underrated AI Infrastructure Stock?

Caterpillar, long known for bulldozers and mining trucks, is now emerging as a quiet force behind the AI revolution—not through chips or software, but by powering the infrastructure that supports it.
At the heart of this shift is Caterpillar’s large-engine manufacturing facility in Lafayette, Indiana, where engines ranging from 1,000 to 6,000 horsepower are built to meet the soaring electricity demands of AI-powered data centers.
The facility, which currently employs over 2,000 people, is expected to double its capacity over the next three years.

Equifax: Powering Ahead in the Government Sector with $50 Million Contracts and Strategic Data Deals!

Equifax Inc. has provided a comprehensive overview of its Q1 2025 financial performance and outlook in its recent earnings, revealing both strengths and challenges in the company’s operational landscape.
Starting with the positives, Equifax reported a strong beginning to 2025 with revenue reaching $1.442 billion, marking a 4% growth on a reported basis and 5% in constant currency.
Notably, this was $37 million above the midpoint of the company’s previous guidance offered in February.

Beijing Geekplus Pre-IPO: PHIP Updates – Losses Continue to Narrow but Growth Decelerating

Geek+ (1678559D CH) is looking to raise up to US$200m in its upcoming Hong Kong IPO.
It is the leader in the global autonomous mobile robots (AMR) market.
In this note, we provide updates on the firm’s past performance.

Rheinmetall AG: Initiation of Coverage- Game-Changing Lockheed Partnership Unlocks €5 Billion Opportunity!

Rheinmetall AG’s latest quarterly performance presents a dynamic portrait of both progress and challenges.
The company reported substantial growth primarily in the defense sector, with sales increasing by 33% to EUR 1.795 billion, leading to an impressive operational margin of 11.5%.
However, Rheinmetall’s civilian business remains stagnant, failing to reach similar profitability levels.

Singapore Airlines (SIA): Losing from Higher Crude Oil Price

By Henry Soediarko

Singapore Airlines (SIA SP) may be losing some of its earnings from the continuing crisis in the Middle East.
Its rather high dividend yield may provide support in the near term
But a higher crude oil price may send its earnings downhill as it counts up to 30% of the total cost.

Siemens AG: Initiation of Coverage- High-Impact Automation Surge Powers Market Dominance!

Siemens AG has presented its financial performance for the second quarter of fiscal 2025, showing a mixture of growth and adaptability amidst global economic fluctuations.
The company’s results reflect robust progress in orders and revenue and an emphasis on adapting to rapid technological change.
From a positive perspective, Siemens achieved a book-to-bill ratio of 1.1 and maintained a high-quality order backlog of EUR 117 billion, indicating strong future growth potential.

GMS Just Became the $5 Billion Battleground Between Home Depot and QXO — Here’s Why!

In a dramatic turn of events in June 2025, GMS Inc., a major distributor of construction materials like wallboard, ceilings, and steel framing, has emerged as the center of a high-stakes takeover battle.
First, QXO Inc., led by serial acquirer Brad Jacobs, made an unsolicited all-cash bid of $95.20 per share, valuing GMS at $5 billion.
Just days later, reports surfaced that Home Depot, the $345 billion retail giant, also submitted its own private bid, though without disclosing a price.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jun 24

Daily Brief Industrials: Virgin Australia Holdings, Doosan Enerbility, Japan Steel Works, Caterpillar Inc, Equifax Inc, Geek+, Rheinmetall AG, Singapore Airlines, Siemens , GMS Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Virgin Australia IPO Trading – Flying into Oil and Recent Air Crash Headwinds
Doosan Enerbility (034020.KQ) – Nuclear-Led Transition with Strong Visibility, But Valuation Full
Japan Steel Works (5631 JP) – Steady Profit Growth, Nuclear Edge, and Premium Justified
Caterpillar’s Data Center Pivot May Be Its Smartest Move Yet: The Most Underrated AI Infrastructure Stock?
Equifax: Powering Ahead in the Government Sector with $50 Million Contracts and Strategic Data Deals!
Beijing Geekplus Pre-IPO: PHIP Updates – Losses Continue to Narrow but Growth Decelerating
Rheinmetall AG: Initiation of Coverage- Game-Changing Lockheed Partnership Unlocks €5 Billion Opportunity!
Singapore Airlines (SIA): Losing from Higher Crude Oil Price
Siemens AG: Initiation of Coverage- High-Impact Automation Surge Powers Market Dominance!
GMS Just Became the $5 Billion Battleground Between Home Depot and QXO — Here’s Why!

Virgin Australia IPO Trading – Flying into Oil and Recent Air Crash Headwinds

Bain Capital raised around US$440m via selling some of its stake in Virgin Australia Holdings (VAH AU).
Virgin Australia is the second largest airline group operating in the Australian aviation market, with an average 32% domestic RPT capacity market share in CY24.
We have looked at the company’s past performance and provided our thoughts on valuations in our previous note. In this note, we talk about the trading dynamics.

Doosan Enerbility (034020.KQ) – Nuclear-Led Transition with Strong Visibility, But Valuation Full

Margins have improved steadily since FY2020, but bottom-line gains remain volatile due to non-operating drags.
Backlog at Record Highs; Nuclear a Key Differentiator: ₩20.1 tn order book, rising SMR traction, and global nuclear wins position Doosan as a strategic supplier.
Structural Tailwinds Priced In: While medium-term growth looks strong, premium multiples (~28x EV/EBITDA) suggest limited room for execution missteps.

Japan Steel Works (5631 JP) – Steady Profit Growth, Nuclear Edge, and Premium Justified

Strong earnings momentum with revenue, margins, and EPS consistently improving over FY21–FY25, driven by a shift toward high-margin industrial machinery.
Strategic monopoly in ultra-large nuclear forgings, supported by global SMR tailwinds, capacity expansion plans, and a record order backlog across nuclear and defense.
Valuations remain elevated, but are backed by strong visibility, margin expansion, and structurally advantaged positioning in a tightening global supply chain.

Caterpillar’s Data Center Pivot May Be Its Smartest Move Yet: The Most Underrated AI Infrastructure Stock?

Caterpillar, long known for bulldozers and mining trucks, is now emerging as a quiet force behind the AI revolution—not through chips or software, but by powering the infrastructure that supports it.
At the heart of this shift is Caterpillar’s large-engine manufacturing facility in Lafayette, Indiana, where engines ranging from 1,000 to 6,000 horsepower are built to meet the soaring electricity demands of AI-powered data centers.
The facility, which currently employs over 2,000 people, is expected to double its capacity over the next three years.

Equifax: Powering Ahead in the Government Sector with $50 Million Contracts and Strategic Data Deals!

Equifax Inc. has provided a comprehensive overview of its Q1 2025 financial performance and outlook in its recent earnings, revealing both strengths and challenges in the company’s operational landscape.
Starting with the positives, Equifax reported a strong beginning to 2025 with revenue reaching $1.442 billion, marking a 4% growth on a reported basis and 5% in constant currency.
Notably, this was $37 million above the midpoint of the company’s previous guidance offered in February.

Beijing Geekplus Pre-IPO: PHIP Updates – Losses Continue to Narrow but Growth Decelerating

Geek+ (1678559D CH) is looking to raise up to US$200m in its upcoming Hong Kong IPO.
It is the leader in the global autonomous mobile robots (AMR) market.
In this note, we provide updates on the firm’s past performance.

Rheinmetall AG: Initiation of Coverage- Game-Changing Lockheed Partnership Unlocks €5 Billion Opportunity!

Rheinmetall AG’s latest quarterly performance presents a dynamic portrait of both progress and challenges.
The company reported substantial growth primarily in the defense sector, with sales increasing by 33% to EUR 1.795 billion, leading to an impressive operational margin of 11.5%.
However, Rheinmetall’s civilian business remains stagnant, failing to reach similar profitability levels.

Singapore Airlines (SIA): Losing from Higher Crude Oil Price

By Henry Soediarko

Singapore Airlines (SIA SP) may be losing some of its earnings from the continuing crisis in the Middle East.
Its rather high dividend yield may provide support in the near term
But a higher crude oil price may send its earnings downhill as it counts up to 30% of the total cost.

Siemens AG: Initiation of Coverage- High-Impact Automation Surge Powers Market Dominance!

Siemens AG has presented its financial performance for the second quarter of fiscal 2025, showing a mixture of growth and adaptability amidst global economic fluctuations.
The company’s results reflect robust progress in orders and revenue and an emphasis on adapting to rapid technological change.
From a positive perspective, Siemens achieved a book-to-bill ratio of 1.1 and maintained a high-quality order backlog of EUR 117 billion, indicating strong future growth potential.

GMS Just Became the $5 Billion Battleground Between Home Depot and QXO — Here’s Why!

In a dramatic turn of events in June 2025, GMS Inc., a major distributor of construction materials like wallboard, ceilings, and steel framing, has emerged as the center of a high-stakes takeover battle.
First, QXO Inc., led by serial acquirer Brad Jacobs, made an unsolicited all-cash bid of $95.20 per share, valuing GMS at $5 billion.
Just days later, reports surfaced that Home Depot, the $345 billion retail giant, also submitted its own private bid, though without disclosing a price.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jun 23

Daily Brief Industrials: Zhejiang Sanhua Intelligent Controls, Geek+, CSBC Corp Taiwan, Chandra Dayua Investasi and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Sanhua Intelligent Controls H Share Listing (2050 HK): Trading Debut
Zhejiang Sanhua Intelligent Controls A/H Trading – Strong Demand, Weakening Sentiment
Geek+ IPO Valuation Update: Growth Cratered, High U.S. Revenue Exposure
Defense Tech: Taiwan Advanced Submarine Trial & Global Turmoil Puts CSBC in the Investor Spotlight
Chandra Dayua Pre-IPO: Very Expensive, Avoid

Sanhua Intelligent Controls H Share Listing (2050 HK): Trading Debut

By Arun George

Zhejiang Sanhua Intelligent Controls (2050 HK) priced its H Share at HK$22.53 to raise HK$9,336 million (US$1.2 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Sanhua Intelligent Controls H Share Listing: The Investment Case.
Sanhua had the highest international oversubscription rates among recent large AH listings. Despite the weak price momentum, the AH discount is attractive.

Zhejiang Sanhua Intelligent Controls A/H Trading – Strong Demand, Weakening Sentiment

Zhejiang Sanhua Intellignt Controls (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, raised around US$1.4bn in its H-share listing.
ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.

Geek+ IPO Valuation Update: Growth Cratered, High U.S. Revenue Exposure

By Andrei Zakharov

Geek+, AI & robotics warehouse automation provider, has updated its filings and reported weak revenue growth in 2024.
Beijing based AMR solution unicorn’s revenue grew to RMB2,409m in 2024, up ~12% YoY. However, gross margins improved, operating losses narrowed, and cash burn rate decreased.
My IPO valuation analysis coalesces around initial valuation range between $2.3B and $2.7B for Geek+ upcoming offering.

Defense Tech: Taiwan Advanced Submarine Trial & Global Turmoil Puts CSBC in the Investor Spotlight

By Vincent Fernando, CFA

Submarine Milestone Validates CSBC’s Strategic Role: Taiwan’s June 17 maiden sea trial of the Hai Kun-class submarine highlights CSBC as the sole builder of Taiwan’s Indigenous Defense Submarine (IDS) program.
Scale of Program Is Significant vs. Market Cap: Seven additional submarines are expected to follow, with a reported program budget of NT$284bn (~US$9.5bn), over 12x CSBC’s current US$760m market cap.
Emerging Naval, Drones, & Energy Platforms Provide Optionality: Beyond submarines, CSBC is expanding into unmanned surface vessels (USVs) and offshore wind engineering, offering long-term exposure to Taiwan’s asymmetric defense.

Chandra Dayua Pre-IPO: Very Expensive, Avoid

Chandra Dayua Investasi (2556380D IJ) is looking to raise up to $145m in its upcoming Hong Kong IPO.
It is the infrastructure arm of Chandra Asri Pacific (TPIA), backed by Indonesian billionaire Prajogo Pangestu.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jun 23

Daily Brief Industrials: Zhejiang Sanhua Intelligent Controls, Geek+, CSBC Corp Taiwan, Chandra Dayua Investasi and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Sanhua Intelligent Controls H Share Listing (2050 HK): Trading Debut
Zhejiang Sanhua Intelligent Controls A/H Trading – Strong Demand, Weakening Sentiment
Geek+ IPO Valuation Update: Growth Cratered, High U.S. Revenue Exposure
Defense Tech: Taiwan Advanced Submarine Trial & Global Turmoil Puts CSBC in the Investor Spotlight
Chandra Dayua Pre-IPO: Very Expensive, Avoid

Sanhua Intelligent Controls H Share Listing (2050 HK): Trading Debut

By Arun George

Zhejiang Sanhua Intelligent Controls (2050 HK) priced its H Share at HK$22.53 to raise HK$9,336 million (US$1.2 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Sanhua Intelligent Controls H Share Listing: The Investment Case.
Sanhua had the highest international oversubscription rates among recent large AH listings. Despite the weak price momentum, the AH discount is attractive.

Zhejiang Sanhua Intelligent Controls A/H Trading – Strong Demand, Weakening Sentiment

Zhejiang Sanhua Intellignt Controls (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, raised around US$1.4bn in its H-share listing.
ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.

Geek+ IPO Valuation Update: Growth Cratered, High U.S. Revenue Exposure

By Andrei Zakharov

Geek+, AI & robotics warehouse automation provider, has updated its filings and reported weak revenue growth in 2024.
Beijing based AMR solution unicorn’s revenue grew to RMB2,409m in 2024, up ~12% YoY. However, gross margins improved, operating losses narrowed, and cash burn rate decreased.
My IPO valuation analysis coalesces around initial valuation range between $2.3B and $2.7B for Geek+ upcoming offering.

Defense Tech: Taiwan Advanced Submarine Trial & Global Turmoil Puts CSBC in the Investor Spotlight

By Vincent Fernando, CFA

Submarine Milestone Validates CSBC’s Strategic Role: Taiwan’s June 17 maiden sea trial of the Hai Kun-class submarine highlights CSBC as the sole builder of Taiwan’s Indigenous Defense Submarine (IDS) program.
Scale of Program Is Significant vs. Market Cap: Seven additional submarines are expected to follow, with a reported program budget of NT$284bn (~US$9.5bn), over 12x CSBC’s current US$760m market cap.
Emerging Naval, Drones, & Energy Platforms Provide Optionality: Beyond submarines, CSBC is expanding into unmanned surface vessels (USVs) and offshore wind engineering, offering long-term exposure to Taiwan’s asymmetric defense.

Chandra Dayua Pre-IPO: Very Expensive, Avoid